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Free AccessUSDBRL Bounces 1%, Remains In Technical Downtrend
- USDBRL also bounced on Tuesday as one of the most popular shorts unwound amid the dip in risk sentiment. However, technical conditions remains bearish and Friday’s resumption of the downtrend sets the scene for more downside near-term.
- The break lower Friday also confirmed a bear flag formation on the daily chart. 4.6000 has been breached and this opens 4.5439 next, 1.236 projection of the Mar - Jun - Dec 2021 price swing.
- The 20-day EMA at 4.8464 remains the key short-term resistance.
- Brazil’s government is weighing strategies to gain time and solve an ongoing crisis at Petrobras, such as removing a vote on the company’s new board of directors from the next shareholders’ meeting agenda, O Estado de S.Paulo reports, without revealing how it got the information.
- Only other matters, including the approval of financial accounts for 2021, would be subject to shareholders’ nod in the upcoming April 13, the newspaper says. (BBG)
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.